assembly Bill A7719

2015-2016 Legislative Session

Allows businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to economic development
May 26, 2015 referred to economic development

Co-Sponsors

A7719 (ACTIVE) - Details

See Senate Version of this Bill:
S5737
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2017-2018: A491, S3218
2019-2020: A1819, S2296
2021-2022: A6420, S571

A7719 (ACTIVE) - Summary

Allows businesses to use funds received from minority- and women-owned business development and lending program for the purpose of refinancing existing debt.

A7719 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7719

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 26, 2015
                               ___________

Introduced  by  M.  of  A. BICHOTTE, SCHIMMINGER, PEOPLES-STOKES -- read
  once and referred to the Committee on Economic Development

AN ACT to amend the urban development corporation act,  in  relation  to
  allowing  businesses  to  use  funds  received  from  the minority and
  women-owned business development and lending program for  the  purpose
  of refinancing existing debt

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
constituting the  urban  development  corporation  act,  as  amended  by
section  1  of part AA of chapter 55 of the laws of 2014, are amended to
read as follows:
  (vi) overnight lodging facilities[;
  (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
project].
  S  2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision 1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting the urban development  corporation  act,  subparagraph  (vii)  as
amended  and  subparagraph  (viii)  as  added by section 1 of part AA of
chapter 55 of the laws of 2014, are amended and a new subparagraph  (ix)
is added to read as follows:
  (vii)  establish a comprehensive technical assistance program in coop-
eration with the department of economic development to assist  minority-
and  women-owned  businesses and potential minority and women-entrepren-
eurs; [and]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical
financial support to foster the development of new  and  emerging  ideas
and  products  of minority- and women-owned business enterprises as well
as to promote the long-term financial performance and success  of  early

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08086-01-5